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Illinois Growth and Innovation Fund
A state-led impact investment fund supporting tech-driven business growth and innovation in Illinois.
What are the main aims and objectives?
The Illinois Growth and Innovation Fund (ILGIF) aims to boost economic development and job creation in Illinois by investing state treasury funds in venture capital, growth equity, and private credit funds that support technology-enabled companies with a significant Illinois presence. The fund’s core objective is to drive strong financial returns while fostering a more inclusive, resilient, and diverse entrepreneurial ecosystem. Policymakers cite the need to attract, retain, and scale high-growth enterprises as a response to challenges including underinvestment in local innovation, limited capital availability for startups, and economic disparities in workforce participation. ILGIF targets companies across a range of sectors including agtech, biotech, healthcare, green tech, and manufacturing to ensure economic growth and global competitiveness for the state.
How does the program work?
ILGIF operates as an evergreen impact investment fund, deploying capital from the Illinois State Treasurer’s investment portfolio into venture capital, growth equity, and private credit funds. These selected funds must show a commitment to supporting technology-enabled companies with a headquarters or meaningful operations in Illinois. The State Treasurer’s Office, as policy-setter and funds administrator, sets investment guidelines and oversees program operation. An external Program Administrator and Investment Consultant, selected via competitive bidding, assist with fund selection, due diligence, and performance monitoring.
The fund’s policy restricts allocations so that no single manager receives more than 15% of total commitments, promoting diversification and risk management. ILGIF’s investment periods span 3–6 years per cycle, with a focus on 20–25 fund commitments that then invest further into individual businesses. The program is structured to ensure ongoing replenishment—returns generated are reinvested, supporting a sustainable, long-term strategy. To address historic barriers, ILGIF sets explicit diversity, equity, and inclusion (DEI) goals, and ESG (environmental, social and governance) criteria inform selection and monitoring processes.
Core policy tools include:
- Direct investment in Illinois-focused funds backing technology start-ups and high-growth firms
- Rigorous due diligence and periodic performance reviews (including job creation, private capital leverage, and DEI progress)
- Transparent quarterly and annual reporting by fund managers
- An advisory council provides independent oversight and market guidance
- Ongoing engagement with the local entrepreneurial community to adapt funding priorities
Eligibility for ILGIF-backed support is reserved for funds targeting businesses with a measurable impact in Illinois. The program explicitly supports companies in a broad range of tech sectors, such as agricultural, healthcare, green, logistics, biotech, and manufacturing technology. Startups and SMEs do not receive direct grants or loans from ILGIF but benefit via downstream investment through the VC and growth equity funds supported by the program.
What is the overall cost?
ILGIF launched in 2016 with an initial commitment of $222 million (approx. $222 million USD) from the state’s investment portfolio. The fund was expanded to $1 billion (approx. $1 billion USD) in 2018, and the most recent available reports show the total capital reach as high as $1.5 billion (approx. $1.5 billion USD); all resources are state-funded and no direct fees are charged to startups.
How was it implemented?
The Illinois Growth and Innovation Fund was established by the Illinois State Treasurer’s Office under authority provided by the Technology Development Act. Implementation began with the first technology investments in 2002, but the present form—ILGIF—launched formally in March 2016. The Treasurer’s Office led program design, setting the fund’s investment policy, DEI and ESG commitments, and transparency standards.
Key steps in implementation included:
- Appointment of an external Program Administrator and Investment Consultant via public procurement, responsible for daily operations, investment selection, due diligence, and portfolio monitoring.
- Creation of an expert advisory council, composed of business, academic, and civic leaders, to provide independent oversight and ensure alignment with Illinois’ economic goals.
- Roll-out of robust reporting and evaluation requirements, with quarterly and annual publication of fund performance, job creation, and impact data.
- Strategic outreach to qualified fund managers and the local venture ecosystem to promote access and ensure that Illinois-based opportunities are prioritized.
The rollout timeline:
- 2002: Technology Development Act enables initial state venture investment
- 2016: ILGIF formally launched under Treasurer Michael Frerichs
- 2018: Fund scale increased to $1 billion
- 2021: Ongoing extension to $1.5 billion commitment
- Annual and quarterly reporting continue, and policy guidelines continue to evolve in response to impact data and feedback
No new government agency was created; implementation was managed within the Treasurer’s Office and through contracted external partners.
What impact has been measured?
Evidence from state annual reports and investment summaries shows ILGIF has generated significant positive results. As of 2022, fund-supported investments contributed to the creation or retention of over 35,000 jobs in Illinois, with up to 60,000 jobs projected over full investment cycles. ILGIF-backed funds have supported over 250 companies, with major success stories including Spot Hero, Trunk Club, Tempus, Cameo, and Sittercity.
